The financial institution is at Such Financial that is bad Position Its Application for a Taxpayer Bailout wound up being Withdrawn After Being refused
Charleston Business Reported That First National Bancshares Withdrew Its Application For TARP Funds As A Result Of Concern That Its Magnitude Of Nonperforming Assets Could Trigger Rejection. Just like the Southern Financial Group, First National is actually struck hard by deteriorating home assets, specifically over the coastline. It increased its supply for loan losings in 2008 from $1.4 million to $20.5 million. Nonperforming assets expanded to $75.5 million, or10.9% of loans and also other property this is certainly genuine, weighed against 3% in 2007 and 0.15percent in 2006. (more…)
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